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a) To be eligible for any tax abatement, there must be a minimum capital investrnent in
<br />the Authorized Facility of $250,000 and at least ten (10) new Jobs added to the Employer's labor
<br />force.
<br />b) When an abatement percentage has been agreed upon it shall be granted for years one
<br />(1) through three (3); thereafter, there will be a 20% reduction in the original_percentage abated
<br />beo nning with year four (4) and a similar reduction of 20% in each of the next three years until
<br />100% of the Real Property valuation is added to the tax rolls. This forrnula is exemplified in Exhibit
<br />"A", attached to this document.
<br />c) Criteria for qualification for tax abatement are as follows:
<br />Capital Investment
<br />and Newly Created
<br />or Jobs
<br />Possible Abatement
<br />Minimum Annual Payroll
<br />Created
<br />(lst 3 Years Onlv)
<br />$250,000-$500,000
<br />$125,000
<br />10-25
<br />20 %
<br />$500,001-$750,000
<br />$325,000
<br />26-50
<br />30%
<br />$750,001-$1,000,000
<br />$635,000
<br />51-75
<br />40%
<br />$1,000,00141,500,000
<br />$945,000
<br />76-100
<br />50 %
<br />$1,500,001-$2,000,000
<br />$1,260,000
<br />101-125
<br />60 %
<br />$2,000,001-$3,000,000
<br />$1,570,000
<br />126-150
<br />70%
<br />$3,000,00144,000,000
<br />$1,880,000
<br />151-175
<br />80%
<br />$4,000,001-$5,000,000
<br />$2,190,000
<br />176-200
<br />90%
<br />$5,000,001-$10,000,000
<br />$2,500,000
<br />201-225
<br />100%
<br />d) Any project with a capital investment of more than ten million dollars ($10,000,000),
<br />accompanied by a newly created minimum annual payroll of two and one-half million dollars
<br />($2,500,000), or creating more than tcvo hundred twenty-five (225) Jobs will be individually
<br />negotiated. No abatement will be granted for more than specified in state Iaw.
<br />e) If a newly created business is located or will locate within an Enterprise Zone, an
<br />additiona110 to 20% abatement may be available as individually negotiated, with total
<br />abatement not to exceed 100%.
<br />VI. Tax Abatement for Personal Property; Creation of Jobs:
<br />The City recognizes a significant difference in the valuation of real progerty and
<br />personal property. Because of depreciation schedules, often the abatement of personal property
<br />is basically a tax exemption. For this reason, the abatement schedule for personal property
<br />versus real property is significantly different. If personal property should become obsolete and
<br />be replaced while under an abatement agreement, the replacement personal property is not
<br />eligible for abatement.
<br />a) To be eligible for any tax abatement on Personal Property, there must be a m;n;mum
<br />capital investment of $250,000 in Personal Property and at least ten (10) new Jobs added to the
<br />Employer's labor force. ,
<br />7
<br />~ UOU175'
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